If your payday loan due date is approaching and the money isn’t there, the extended payment plan Louisiana law provides may be your most valuable protection — and many borrowers never use it.
Quick answer: Louisiana law (R.S. 9:3578.4.1) requires payday loan contracts to include an extended payment plan option. Request it in writing before your due date, and the lender must provide contact details and terms in the required disclosure.
What the law says
Under R.S. 9:3578.4.1, every deferred presentment and small loan contract must address the extended payment plan. Your request must be made in writing, and the lender’s disclosure must include its name, email, phone and fax so you know exactly where to send it.
How to request one
- Act before the due date — don’t wait for default.
- Send a short written request (email counts) referencing your loan and asking for the extended payment plan.
- Keep a copy and note the date sent.
Why it beats refinancing
Refinancing a Louisiana payday loan requires paying 25% of principal plus new fees each time — a treadmill that extends your debt. A payment plan splits what you already owe without piling on new charges.
Frequently asked questions
Contracts must include the extended payment plan provision, and requests must be honored per the statute’s terms.
It’s designed to split your existing balance rather than add rollover-style fees; confirm terms in the disclosure.
Louisiana payday lenders can’t report negative information to credit bureaus under Act 510.
Educational content, not financial advice. Always verify a lender is licensed by the Louisiana Office of Financial Institutions (OFI) before borrowing.